Memecoin season appears to be back in full force. Several tokens have seen double-digit gains over the past 24 hours. Leading the way are cat-themed memecoin Popcat (POPCAT), Mog Coin (MOG), and First Neiro (NEIRO).

At the time of writing, POPCAT’s price has increased by 15% in the last 24 hours, while MOG has jumped by 18.40%. NEIRO, on the other hand, has recorded the best performance with a jump of 46.60% in the same period.

So, with the renewed frenzy in these tokens, this analysis assesses whether the rallies will continue and help memecoins regain the spotlight.

Popcat continues to climb, but could retreat

On Saturday, October 5, BeInCrypto reported that POPCAT reached a new all-time high of $1.29. However, today the price surpassed that mark and reached $1.43. This increase thus signals strong investor interest in the memecoin.

The 4-hour chart reveals resistance at $1.48. Additionally, the Relative Strength Index (RSI), which measures momentum, is at 72.05. An RSI reading above 70.00 indicates that a cryptocurrency is overbought, suggesting a possible price decline.

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In the case of POPCAT, a pullback to $1.28 seems possible. However, if the bulls maintain the pressure, the token’s price could rise even higher, potentially reaching $1.60.

Popcat 4-Hour Price Analysis. Source: TradingView

Mog Coin mira em US$ 0,0000020

Unlike Popcat, MOG’s price surge to $0.0000016 did not push the memecoin to a new all-time high. However, the token has the potential to reach higher values ​​in the short term. On the daily chart, the Moving Average Convergence Divergence (MACD) is positive.

In short, the MACD measures momentum and identifies times to buy or sell a cryptocurrency. When the reading is positive, the momentum is bullish. Conversely, a negative MACD reading indicates bearish momentum.

As the latter is the case, the price of MOG may continue to rise. If the momentum holds, the value of MOG could reach $0.0000020 in the near term. Meanwhile, if the buying pressure eases, this prediction may come true. Instead, the price of the token may drop to $0.0000014.

Mog Coin Daily Price Analysis. Source: TradingView

NEIRO's bullish momentum should slow down

First Neiro on Ethereum (NEIRO) also hit a new all-time high. But once the meme coin hit $0.0015, it pulled back. Following the drop, the Balance of Power (BoP) also dropped. The BoP is a price-based indicator used to assess the overall strength of buyers and sellers in the market.

Furthermore, the indicator oscillates around the zero line, where positive values ​​indicate bullish dominance and negative values ​​indicate bearish dominance. At the time of writing, the BoP on the 4-hour chart of NEIRO is at -0.32, suggesting that bears have the upper hand.

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Neiro’s 4-Hour Price Analysis. Source: TradingView

If this continues, the price of NEIRO could soon drop to $0.0012. However, if the bulls regain dominance, the current price trend could reverse, and the value of the memecoin could jump beyond $0.0016.

The article Memecoin jumps almost 50% and decrees the return of the frenzy appeared first on BeInCrypto Brasil.